October 26, 2 X tof Using the Adjusted Trial Balance below, answer the questions regarding the closing entries for Accurate Accounting and the capital account of Hannah Sidhu (17 marks). ACCURATE ACCOUNTING ADJUSTED TRIAL BALANCE YEAR ENDED 12/31/2019 estion ACCOUNT TITLES DEBIT CREDIT $14,761 10,000 8,569 300 3.000 14.000 Royal Bank account Temporary investment Accounts receivable Prepaid insurance Prepaid rent Computer equipment Accumulated dep, computer Accounts payable Unearned accounting fees Long term note payable Capital - Hannah Sidhu Withdrawals - Hannah Sidhu Accounting fees eamed Advertising expense Insurance expense Interest expense Office supplies expense $2,750 1,880 6,000 20,000 30,000 21000 89.000 690 21400 400 5000 SI erm: October 26, X en). Insurance expense Interest expense Office supplies expense Shop supplies expense Rent expense Telephone expense Utilities expense Wages expense Teaching fees earned 2,400 400 5,000 3,700 8,000 2,410 5,500 52,000 2,000 $151,630 $151,630 2 " B - T E l 1 2 % 93 REQUIRED 1. In a typical business that is active during a year if it only had three year end closing entries, which dosing entry would be the most likely to not exist (2 marks), Answer: 2. Prepare the first closing entry to close revenue (a date is required but an explanation is not) (3.5 marks). Answer: S